Confidential · For intended recipients only
A $102MM senior bridge at 66% of indicative stabilized value and $18.6MM of C-PACE against the qualifying renovation scope. Combined leverage holds at 62.7% of a $192.5MM total capitalization that carries a funded 6% hard-cost contingency, an $8.5MM interest reserve, and $71.9MM of sponsor and partner equity below the debt.
| Proposed structure · guidance | Detail |
|---|---|
| Senior bridge | $102,000,000 · 7.5% area · 36-mo IO + extensions |
| C-PACE assessment | $18,600,000 · 8.0% area · 25 to 30-yr |
| Sponsor / partner equity | $71,879,600 · 37.3% of cost |
| Hard-cost contingency · funded | $3,900,000 · 6% of hards |
| Interest reserve | $8,500,000 |
| Recourse | Completion guarantee contemplated; balance to be structured |
| Total capitalization | $192,479,600 |
| Leverage & coverage | Detail |
|---|---|
| Senior LTV · indicative stabilized value | 66.2% of $154.1MM |
| Combined debt to cost | 62.7% |
| Going-in cap on in-place NOI | 5.2% |
| In-place NOI · 2025 | $5.75MM |
| Stabilized NOI · conservative / model | $11.5MM / $12.72MM |
| Year-4 refinance sizing · 80% LTV, 1.25x | $108MM to $120MM |
| Residence sell-out · model pricing | $725 to $750 / SF |
Rates shown are guidance for indicative terms, not commitments. C-PACE is assessed senior to the mortgage; intercreditor terms travel with the senior term sheet.
The sponsor budget runs $110MM purchase, $65MM renovation and conversion, and $11.6MM of closing costs. The goKaizen structure funds a $3.9MM contingency (6% of hard costs) and carries the full interest reserve inside total capitalization. The renovation is underwritten with cushion, and the debt never depends on the residence program to service.
| Sources | Amount | % Cap |
|---|---|---|
| Senior bridge | $102,000,000 | 53.0% |
| C-PACE | $18,600,000 | 9.7% |
| Sponsor / partner equity | $71,879,600 | 37.3% |
| Total sources | $192,479,600 | 100% |
| Uses | Amount |
|---|---|
| Acquisition · 585-key resort, 200+ acres | $110,000,000 |
| Renovation & residence conversion | $65,000,000 |
| Closing costs | $11,600,000 |
| Hard-cost contingency · 6% | $3,900,000 |
| Interest reserve · incremental | $1,979,600 |
| Total uses | $192,479,600 |
The structure carries an $8.5MM interest reserve, of which $1.98MM funds above the sponsor budget. In-place income of $5.75MM contributes to carry throughout the renovation.
The resort sits inside the Phoenix Mountains Preserve, on land the city has permanently protected from development. No competing resort can be entitled on this terrain, in this cycle or any other. Twenty minutes from Sky Harbor, the 11th-busiest airport in the country, and adjacent to Scottsdale's demand base at a fraction of Scottsdale's basis, it is a trophy asset trading at an operating-asset price: $188K per key against the $1.0MM per key the Arizona Biltmore commanded in 2024.
Five hundred eighty-five suites, seven pools, The Falls Water Village with its 138-foot waterslide, 40-foot waterfall and 23 cabanas, the 18-hole Lookout Mountain Golf Club playing the highest tee in Phoenix, Tocaloma Spa & Salon, four restaurants led by the hilltop Different Pointe of View, tennis and pickleball, and 65,000 SF of event space. In the trailing statements F&B contributed $17.2MM and golf $4.8MM of departmental revenue: the amenity platform is an operating business, not a rendering.
The renovation reduces hotel inventory to 300 upgraded keys to move ADR, and converts 285 keys into 165 Hilton Tapestry branded residences: 45 one-bedrooms at 550 SF and 120 two-bedrooms at 1,100 SF, 156,750 saleable SF in total. Residences sell individually at model pricing of $725 to $750 per SF and most inventory enters the Hilton Honors rental pool, adding recurring revenue on top of hotel operations.
Residence proceeds are the deleveraging engine, not the repayment case: the Year-4 refinance is sized on hotel NOI alone. Closings that arrive on the model's pace accelerate paydown; closings that slip are absorbed by the reserve and the refinance runway.
The credit case in one table: real operating income at close, a fully-reserved renovation trough in Year 2, and an ADR build from $185 to $355 as 585 aging suites become 300 luxury keys. NOI shown net of replacement reserve, per the underwriting model.
| Year | Keys | Occ | ADR | RevPAR | Total revenue | NOI |
|---|---|---|---|---|---|---|
| 2025 actual | 584 | 56% | $185 | $103 | $53.2MM | $5.75MM |
| Year 1 | 584 | 55% | $187 | $103 | $53.7MM | $6.28MM |
| Year 2 · renovation trough | 382 avg | 64% | $199 | $127 | $44.0MM | $4.32MM |
| Year 3 · residences online | 300 + resi | 62% | $307 | $191 | $58.2MM | $9.77MM |
| Year 4 · refinance year | 300 + resi | 62% | $337 | $209 | $66.3MM | $12.05MM |
| Year 5 · stabilized | 300 + resi | 62% | $355 | $220 | $69.0MM | $12.72MM |
Source: sponsor underwriting model, gKC scenario tabs, June 2026. Blended figures include rental-pool residence nights from Year 3. Model carries 584 keys; plan documents reference 585. The sponsor's separately stated conservative stabilized case is $11.5MM.
Recent Phoenix-Scottsdale resort trades bracket the deal. The going-in basis of $188K per key on 585 existing keys, or $620K per key on the resulting 300-key luxury resort before any residence-sale credit, sits at or below every recent full-service print in the market, on land none of those assets can replicate.
| Resort trade | Keys | Closed | Price | $/Key |
|---|---|---|---|---|
| Arizona Biltmore · Phoenix | 705 | May 2024 | $705.0MM | $1.00MM |
| Scottsdale Plaza Resort & Villas | 404 | Apr 2024 | $124.3MM | $308K |
| DoubleTree Resort Paradise Valley–Scottsdale | 378 | Jul 2023 | $115.5MM | $306K |
| Hilton Tapatio Cliffs · going-in | 585 | — | $110.0MM | $188K |
Trades per public records and press reports (CoStar, PRNewswire, ABC15), compiled July 2026. The DoubleTree Paradise Valley is a member of the subject's STR competitive set. Branded-residence pricing comps appear on the map; detail carried in the equity memorandum.
Year-4 refinance proceeds at 80% LTV and 1.25x DSCR, recomputed live against the $120.6MM of senior plus C-PACE it must retire. The model carries $12.72MM stabilized; the sponsor's own conservative case is $11.5MM. Both are on the slider.
Any takeout gap at the conservative case is a fraction of the residence program: the first year of closings at model pricing covers the widest gap on this slider more than twice over.
$5.75MM of in-place NOI against the $110MM purchase. This is an operating Hilton resort with income from the first day, not a land story.
Year-4 proceeds of $108MM to $120MM at 80% LTV and 1.25x DSCR retire the senior and C-PACE at both the conservative and model NOI cases.
165 Tapestry residences at $725 to $750 per SF generate $113MM to $118MM gross. The program de-levers the stack years before the refinance needs to perform.
Six percent of hard costs, funded in sources. The renovation budget carries a cushion an institutional credit committee can underwrite.
State law caps assessed-value growth at 5% per year regardless of sale, protecting NOI from the reassessment shock a $110MM trade would trigger elsewhere.
The resort sits inside protected North Mountain Preserve land. Competitive resort supply cannot be entitled next door, in this cycle or the next.
Bentley Legacy Group is the hotel investment and operating platform of Bentley Legacy Holdings, the Plano, Texas family office of Les Bentley: Marriott operator, President of Wyndham Hotels & Resorts through its private-to-public transition (200+ properties, 45,000 rooms), and co-founder of Aimbridge Hospitality, which grew from eight hotels under his tenure into the world's largest third-party hotel management company. The family's third generation holds partner roles across the platform, and the operating bench runs equally deep: President and COO Matt Berge brings 37 years of operations from Aimbridge and Starwood.
Owner-operator of a national book weighted to full-service, independent, and soft-brand hotels per the group's published materials: Fairmont New Orleans (250 keys), Element New Orleans Downtown (216), La Fonda on the Plaza Santa Fe (180), Canopy by Hilton Dallas Uptown (150), AC Bozeman (143), the Raphael Kansas City (Autograph Collection, 126), Senza Napa, Poco Diablo Sedona, and Hampton Inn & Suites Boerne, with Hotel Bozeman & Residences (Autograph) in the pipeline. Roughly 1,300 keys, in exactly the segment this repositioning creates.
Les Bentley has served on the Hilton Owners Council, and the portfolio operates Canopy by Hilton and Hampton by Hilton flags today. The Tapatio plan retains the Hilton flag and introduces Tapestry-branded residences: an execution inside the sponsor's existing brand relationships, not a first meeting.
Pendant Capital, led by CEO David Capps, is the group's dedicated funding and investment vehicle, formed to source and structure hospitality investments alongside the operating platform. The owner-operator posture is the point: the group underwrites, buys, and then runs its assets itself.
Headshots, platform facts, and portfolio detail per Bentley Legacy's published materials (bentleylegacy.com) and press coverage (Hospitality Net, May 2024). The underwriting model and investment overview are available now; sponsor financial statements, track record detail, and the itemized renovation budget follow under NDA as diligence progresses.
Selected coverage of the sponsorship platform. Articles open at the publisher; facts quoted reflect the record at publication date.
$102MM senior and $18.6MM C-PACE on a supply-protected 585-key Hilton resort at a 5.2% going-in cap, with a funded contingency, a sized refinance, and a $113MM residence program de-levering the stack. Full model and diligence file on request.
